DEPLETION OF OUR ECONOMY: A STUDY ON WHITE COLLAR CRIMES IN INDIA
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DOI:
https://doi.org/10.55662/Abstract
White collar crimes are those crimes which are associated with person of high social status. They are distinct in nature from that of traditional crimes and occur due to unethical business practices motivated by financial gains. It is, in fact, the offender’s prominent position which provides opportunity for such type of crimes by committing breach of trust endowed upon them. They have ushered at an increasing rate with the advent of industrialization and technological advancements. In the wake of development, there has been loss in the economy due to loopholes in the system which has provided a way for the growth of white collar crimes. They pose a significant loss to our economy as the financial loss cost involved in a white collar crime is several times greater than that of all the crimes taken together. Corruption and bribery are major problem in our country being a significant component of white collar crimes. The legal framework in India is not so comprehensive to deal with the issue of white collar crime. Also, the delayed justice which is administered by our judiciary is also one of the reasons for rise in white collar crimes.
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